Short Interest in AGCO Co. (NYSE:AGCO) Drops By 7.9%

AGCO Co. (NYSE:AGCO) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,380,000 shares, a decline of 7.9% from the October 15th total of 3,670,000 shares. Based on an average daily volume of 773,700 shares, the short-interest ratio is currently 4.4 days. Currently, 5.5% of the shares of the stock are short sold.

AGCO Stock Up 0.8 %

Shares of AGCO traded up $0.74 during midday trading on Monday, reaching $94.44. The stock had a trading volume of 923,563 shares, compared to its average volume of 782,726. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 41.74, a PEG ratio of 0.53 and a beta of 1.25. AGCO has a 1-year low of $84.35 and a 1-year high of $130.26. The company’s fifty day simple moving average is $95.94 and its two-hundred day simple moving average is $98.18. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.53 and a quick ratio of 0.72.

AGCO (NYSE:AGCO) last issued its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.40). AGCO had a return on equity of 15.79% and a net margin of 1.35%. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the company earned $3.97 EPS. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. Equities research analysts expect that AGCO will post 7.32 earnings per share for the current year.

AGCO Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be paid a $0.29 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.16 annualized dividend and a yield of 1.23%. AGCO’s dividend payout ratio is currently 51.33%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AGCO. Truist Financial lifted their price objective on AGCO from $118.00 to $127.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. dropped their target price on shares of AGCO from $130.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Robert W. Baird lowered their price target on shares of AGCO from $139.00 to $129.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. StockNews.com upgraded AGCO from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, UBS Group decreased their target price on shares of AGCO from $107.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $114.40.

Institutional Investors Weigh In On AGCO

Hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new position in shares of AGCO in the third quarter valued at $1,676,000. Coldstream Capital Management Inc. raised its position in AGCO by 9.3% during the third quarter. Coldstream Capital Management Inc. now owns 3,329 shares of the industrial products company’s stock worth $324,000 after acquiring an additional 284 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of AGCO by 7.2% in the third quarter. Geode Capital Management LLC now owns 1,205,227 shares of the industrial products company’s stock valued at $121,121,000 after purchasing an additional 80,516 shares in the last quarter. M&T Bank Corp grew its position in shares of AGCO by 133.0% in the third quarter. M&T Bank Corp now owns 84,441 shares of the industrial products company’s stock valued at $8,263,000 after purchasing an additional 48,198 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of AGCO by 386.8% during the 3rd quarter. Barclays PLC now owns 249,209 shares of the industrial products company’s stock worth $24,389,000 after purchasing an additional 198,014 shares in the last quarter. Institutional investors and hedge funds own 78.80% of the company’s stock.

About AGCO

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, equestrian, and residential uses.